研報掘金丨華創證券:維持江淮汽車“強推”評級,尊界S800大定超預期
華創證券研報指出,尊界S800已取得第一階段的成功,市場分歧在訂單持續性和利潤表現上,對此持樂觀預期。後續隨尊界產品矩陣的豐富、品牌力的構築,尊界有望成為頭部自主豪華品牌,預估長期尊界銷量有望達10萬輛/年,單車淨利達12.4萬元,成長空間廣闊。按分部估值,參考公司歷史估值和可比公司對應階段估值,同時根據公司與華為盈利分配預估調整PS 倍數,並依據尊界S00 大定表現超預期上調估值倍數,給予自主業務和尊界業務2025年0.8倍和25倍PS,合併公司目標市值1,294 億元,對應目標價59.24元,空間42%。長期看,預估公司自主業務營收594億元、尊界業務淨利124億元,分別給予0.8 倍PS、18 倍PE,對應市值2,704億元,空間2.0倍。綜上,維持“強推”評級。
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